Lloyds chairman: Conduct was 'truly shocking'

The chairman of Lloyds Banking Group has admitted the company's manipulation of key interest rates was "truly shocking".

The company has been slapped with a £218m fine from US and UK regulators for manipulating the LIBOR inter-bank rate and the Repo Rate.

The Repo Rate was the benchmark used by the Bank of England to calculate how much banks paid to take part in the Government's Special Liquidity Scheme (SLS) to support banks during the financial crisis.